Definitions for "Organization of Petroleum Exporting Countries"
Keywords:  cartel, opec, gabon, libya, qatar
OPEC. A collective of countries founded in 1960 that choose to collaborate in...
n: an organization of the countries of the Middle East, Southeast Asia, Africa, and South America that produce oil and export it. Update - members as of 1997 are Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. The organization's purpose is to negotiate and regulate production and oil prices.
An international of countries formed in 1961 to agree on a common policy for the sale of petroleum. OPEC has 11 members—Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela. Two countries joined OPEC and later ended their membership in the organization: Ecuador joined in 1973 and left in 1992, and Gabon became a member in 1975 and terminated its membership in 1995. OPEC united behind an Arab boycott and cut off oil sales to the West in 1973. This greatly increased the cost of oil and caused consternation throughout the industrial world.